Mr. Speaker, I rise today to discuss the urgent need for the House of Representatives to address global warming. As you can see from last week's cover of Time magazine, both popular and scientific consensus indicate that the United States…
Mr. Speaker, I rise today to discuss the urgent need for the House of Representatives to address global warming. As you can see from last week's cover of Time magazine, both popular and scientific consensus indicate that the United States must act now to mitigate this problem.
In fact, a poll released yesterday by Environmental Defense indicates that more than 70 percent of Americans polled believe that global warming is real and a problem that they are willing to do something about.
Mr. Speaker, it is time for a national policy on global warming. America must lead the global effort. As I speak, our colleagues in the other chamber are holding a day-long conference on this issue. They have also debated legislation and had several votes on bills designed to curb greenhouse gas emissions. It is time, in fact it is long overdue, for the United States House of Representatives to join the debate.
In my home State of New Mexico, we may already be seeing the dramatic effects of global warming. In the drought seasons of 2002 and 2003, we had major die-offs of our State tree, the pinon. Scientists predict that this major die-off is only the prelude to life in a warmer future. Also, as seen in this picture, dramatic melting has already been seen in icecaps, glaciers and sea ice on both poles and in high mountain regions across the globe. Scientists are in almost unanimous agreement that these events are directly related to the build-up of carbon dioxide in the atmosphere from the burning of fossil fuels.
Mr. Speaker, last week the Honorable Tom Petri and I introduced H.R. 5049, the Keep America Competitive Global Warming Policy Act. Our bill will help America curb our emissions and spur innovation to keep us in the global technological lead. The bill is an economy-wide, upstream, cap-and-trade policy that covers all greenhouse gas emissions.
However, to provide some certainty to the economy, the bill provides for an unlimited number of additional safety valve allowances. These allowances will be sold by the Treasury Department at a fixed and reasonable price, which will escalate over time. The escalation of the safety valve price is tied to the emissions-control activities of the five largest developing country greenhouse gas emitters. This will ensure that the rest of the world joins us in this effort. In that way, our policy will not put America at a global disadvantage.
We know that there may be less emissions reduction with a safety valve than without one. However, the cost certainty and the modest starting up cost of the safety valve allowances provide assurance this policy will not result in undue economic harm. We believe it is better to have a policy that works slowly yet surely rather than one that might prove economically unworkable.
Many companies, including the largest utility in my home State of New Mexico, have expressed the need for a safety valve in any mandatory greenhouse gas emissions control legislation.
While the safety valve and a cap-and-trade program are critical to the short-term success of curbing emissions, conservation, research and technology are some of the long-term solutions of global warming. Our bill creates an advanced research projects agency inside the Department of Energy. The goal of the E-ARPA is to explore the truly out-of-the- box, high-risk, high-payoff research that will be necessary if we are to get to a low or no carbon dioxide or greenhouse gas world.
Mr. Speaker, we know that despite our best efforts some will probably be negatively impacted by this policy. That is why our legislation allocates allowances to those people, entities and localities that may incur dislocations because of this legislation.
Finally, we also set aside allowances for auction that will be used to ensure that the legislation is revenue neutral.
Mr. Speaker, this bill is modest, certain and efficient. It commits America to reducing its greenhouse gas emissions by having emitters internalize the costs associated with global warming. This monumental step of putting a price on all greenhouse gases will stabilize emissions and eventually reduce them and finally put the United States on the road towards curbing the effects of global warming.
I urge my colleagues in the House to cosponsor this comprehensive and economically rational legislation and help break the stalemate that exists on the global warming issue.